Quarterly Results PresentationQ2 2020

Cautionary notes

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATIONThis document may contain forward-looking information. Forward-looking information includes statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" and other similar expressions or negative versions thereof. These statements include, without limitation, statements about the Company's operations, business, financial condition, expected financial performance (including revenues, earnings or growth rates), ongoing business strategies or prospects, the expected benefits of the acquisition of Personal Capital (including statements regarding the impact of the acquisition on Empower's retail wealth management platform), the timing and completion of the sale of GLC Asset Management Group Ltd. (GLC) (including the receipt of required regulatory approvals), the establishment of a fund management company by Canada Life (including the receipt of required regulatory approvals and the obtaining of necessary registrations), the earnings impact of the GLC sale transaction and possible future actions by the Company, including statements made with respect to the expected benefits of acquisitions and divestitures, expected capital management activities and use of capital, expected dividend levels, expected cost reductions and savings, the impact of regulatory developments on the Company's business strategy and growth objectives and the expected impact of the current pandemic health event resulting from the novel coronavirus ("COVID-19") and related economic and market impacts on the Company's business operations, financial results and financial condition. Forward-looking statements are based on expectations, forecasts, estimates, predictions, projections and conclusions about future events that were current at the time of the statements and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally, including the insurance and mutual fund industries. They are not guarantees of future performance, and the reader is cautioned that actual events and results could differ materially from those expressed or implied by forward-looking statements. Whether or not actual results differ from forward-looking information may depend on numerous factors, developments and assumptions, including, without limitation, customer behaviour, the Company's reputation, market prices for products provided, sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, longevity experience, policy lapse rates, reinsurance arrangements, liquidity requirements, capital requirements, credit ratings, taxes, inflation, interest and foreign exchange rates, investment values, hedging activities, global equity and capital markets (including continued access to equity and debt markets), industry sector and individual debt issuers' financial conditions (including developments and volatility arising from the COVID-19 pandemic, particularly in certain industries that may comprise part of the Company's investment portfolio), business competition and other general economic, political and market factors in North America and internationally. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance that they will prove to be correct. Other important factors and assumptions that could cause actual results to differ materially from those contained in forward-looking statements include customer responses to new products, impairments of goodwill and other intangible assets, the Company's ability to execute strategic plans and changes to strategic plans, technological changes, breaches or failure of information systems and security (including cyber attacks), payments required under investment products, changes in local and international laws and regulations, changes in accounting policies and the effect of applying future accounting policy changes, unexpected judicial or regulatory proceedings, catastrophic events, continuity and availability of personnel and third party service providers, the Company's ability to complete strategic transactions and integrate acquisitions, the achievement or waiver of conditions to closing of the acquisition of Personal Capital and the sale of GLC, unplanned material changes to the Company's facilities, customer and employee relations or credit arrangements, levels of administrative and operational efficiencies, and the severity, magnitude and impact of the COVID-19 pandemic (including the effects of the COVID-19 pandemic, and the effects of the governments' and other businesses' responses to the COVID-19 pandemic, on the economy and the Company's financial results, financial condition and operations). The reader is cautioned that the foregoing list of assumptions and factors is not exhaustive, and there may be other factors listed in filings with securities regulators, including factors set out in the Company’s Q2 2020 MD&A under "Risk Management and Control Practices“ and in the Company's annual information form dated February 12, 2020 under "Risk Factors", which, along with other filings, is available for review at www.sedar.com. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not to place undue reliance on forward-looking information. Other than as specifically required by applicable law, the Company does not intend to update any forward-looking information whether as a result of new information, future events or otherwise.

CAUTIONARY NOTE REGARDING NON-IFRS FINANCIAL MEASURESThis document contains some non-IFRS financial measures. Terms by which non-IFRS financial measures are identified include, but are not limited to, "base earnings", "base earnings (US$)", "base earnings per common share", "base return on equity", "core net earnings", "constant currency basis", "impact of currency movement", "premiums and deposits", "pre-tax operating margin", "sales", "assets under management" and "assets under administration". Non-IFRS financial measures are used to provide management and investors with additional measures of performance to help assess results where no comparable IFRS measure exists. However, non-IFRS financial measures do not have standard meanings prescribed by IFRS and are not directly comparable to similar measures used by other companies. Refer to the "Non-IFRS Financial Measures" section in the Company’s Q2 2020 MD&A for the appropriate reconciliations of these non-IFRS financial measures to measures prescribed by IFRS as well as additional details on each measure

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3

SUMMARY OF RESULTSPaul MahonPresident & CEOGreat-West Lifeco

4

A strong second quarter driven by a resilient business model

Effectively navigating the COVID-19 crisis

Successfully advancing strategic initiatives to drive growth

627677

831

543

706

459

730

513

342

863

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

0.670.73

0.90

0.59

0.76

0.49

0.79

0.55

0.37

0.93

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

5

EARNINGS

Earnings per Share (EPS) Earnings (C$m)

1. Base earnings and base earnings per share (EPS) are non-IFRS measures. Refer to the reconciliations to net earnings and earnings per share, respectively, in the Company’s Q2 2020 MD&A.

Base

1

Net

Base

1

Net

Base Earnings and EPS• Base EPS up 13% YoY, base earnings up 13% YoY

- Strong investment gains, including seed capital gains

- Modest COVID-related financial impacts

- Good business growth, notably in Reinsurance

Net Earnings and EPS• Net EPS up 90% YoY, Net Earnings up 88% YoY

- Favourable basis changes and market related impacts

- Q2 2019 included a net charge of $199m related to the sale of U.S. Individual Markets business

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COVID-19: BUSINESS IMPACTSQ2 2020 IMPACTS NEAR-TERM OUTLOOK

CANADA

• Lower health and dental claims during “lock-down” period; premium reductions for certain plans, and lower expense recoveries for ASO plans

• Increase in disability claims and lower level of disability claim terminations• Very limited plan terminations due to business failures or bankruptcies partly due

to government support programs; employee attrition in existing plans limited• Individual life insurance sales have been strong partly due to digital solutions

(SimpleProtect, non-face-to-face capabilities), higher age / amount thresholds for medical underwriting and some complex cases submitted before “lock-down”.

• Individual life premium and mortgage payment deferrals offered; limited financial impact

• Claims levels approaching normal across Canada in June; premium reductions phased out in July

• Some impact observed for group and individual disability; emerging experience being reflected into pricing / renewals where appropriate

• Government support program for employers recently extended; continuing to monitor the situation closely

• Paramedical services in the process of reopening but potential for lower sales in the short-term as capacity remains constrained; long-term demand for insurance remains strong

• Client payment flexibility programs to be maintained

EMPOWER

• Plan participants staying invested; reactive movement to cash not prevalent; call center volumes and web traffic have returned to more normal levels

• Uptake on hardship loans allowed by CARES act and impact of related fee waivers has been modest

• Activity continued via calls/video; large/mega segment continues to have virtual wins; increased interest in Advisory offerings like Managed Account

• Slightly softer sales expected for the year, but impact should be moderated by fewer plan terminations; increased interest in financial wellness offerings

• Demand for hardship loans expected to be stable• Significant number of successful virtual sales wins with sales meeting activity

approaching pre-pandemic levels

PUTNAM

• Outflows slowed by mid-April, with positive net flows for the remainder of the second quarter

• Recovery in Q2 of over 80% of the seed capital losses sustained in Q1 due to market movements

• Investment performance remained strong in June; increased sales opportunities• Activity continued via calls/video. High level of activity across all segments with

total Q2 sales up 63% YoY with mutual funds up 15% YoY

• Continued positive momentum expected on Putnam net flows• Seed capital performance likely to return to more normalized levels in the

second half of the year• Investment performance expected to remain strong with active management

and risk mitigation strategies• Sales momentum observed pre-Covid and during Q2 expected to continue.

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COVID-19: BUSINESS IMPACTSQ2 2020 IMPACTS NEAR-TERM OUTLOOK

EUROPE

• Slowdown in sales activity for wealth management in U.K. and Ireland as well as U.K. bulk annuities, but strong growth of pension sales in Ireland and Germany

• Higher mortality claims, with offsetting mortality and longevity financial impacts, but lower income protection claims in U.K.

• Good persistency across all books, with low take-up of customer accommodation measures

• Disruption to Equity Release Mortgages (ERMs) origination in U.K. • Temporary nationalisation of private hospitals in Ireland leading to lower claims

and premium reductions

• Financial advisers adapting to remote environment• Activity resuming in the bulk annuity market• Mortality claims are returning to normal levels

• ERM valuations switched from remote back to normal• Residential property values proved resilient• Hospitals released back to the private sector, but social distancing requirements

have reduced capacity for operations

CAPITAL AND RISK

SOLUTIONS

• Continued strong new business pipeline• Remaining in close contact with clients to ensure we are meeting their needs

• Strong pipeline remains intact• Impacts from market volatility and increased mortality rates expected to

be limited in duration• Strong demand for European longevity• Higher demand for life capital solutions in US and Europe• Decline in demand expected for pure mortality reinsurance cover due to

lower underlying client sales• Pricing and demand solid for P&C reinsurance

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INVESTED ASSETS PORTFOLIOQ2 2020 IMPACTS NEAR-TERM OUTLOOK

Bond portfolio*

• Bond portfolio of $126.6B, 79% of bonds rated A or higher; 99% rated BBB or higher; BBB holdings of $25.3B are primarily higher quality with only $2.9b rated BBB-

• $18m after-tax negative impact from corporate bond downgrades

• Sectors most directly impacted by COVID-19 remain highly rated and continue to be monitored closely

• Downgrade cycle expected to continue over the medium-term

• High grade issuers have taken advantage of robust new issue market; expect issuance to slow over second half of year

• Lifeco bond portfolio remains diversified and of high quality

Property-related investments

Mortgage payment deferrals

• A small number of mortgage deferral requests received during the quarter

• $1.7m in payment deferrals on commercial mortgage loans

Rent payment deferrals

• $5.2m in rent payment deferrals

U.K. property portfolio

• Limited impacts in the quarter

• Limited impacts from deferrals to date; monitoring of asset book to continue as fiscal stimulus measures subside

• Sub-sectors such as Industrial and Multi-Family remain more stable than Retail

• Within Retail, grocers and distribution warehouses remain more stable than shopping centres or department stores

• Mortgage loan portfolio remains diversified and of high quality

High-quality, well-diversified invested assets portfolio demonstrating great resilience through COVID-19 crisis.

*Includes certain funds held by ceding insurers

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SALESSales1,2 (C$b)

34.341.9 42.0

66.5

37.8

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

1. Sales is a non-IFRS measure. Refer to the discussion of this measure in the Company’s Q2 2020 MD&A. 2. Sales is not a relevant measure for the Capital and Risk Solutions segment due to the nature of operations3. Constant currency is a non-IFRS measure. Refer to the discussion of this measure in the Company’s Q2 2020 MD&A.

Canada U.S. Europe Lifeco

Q2 2020 2.4 28.2 7.1 37.8

Q1 2020 3.6 53.2 9.7 66.5

Q2 2019 2.9 24.2 7.1 34.3

YOY (19%) 17% 0% 10%

Constant Currency 3 (19%) 12% (2%) 7%

Muted sales activity due to COVID-19 balanced by fewer terminations, higher net cash flows and strong retention in group businesses

• Canadian individual insurance sales held up well due to pipeline, digital adoption; reduced industry activity led to YoY decline in Group Customer sales

• Higher institutional sales at Putnam; Empower sales lower on softer market activity

• U.K. had lower bulk and individual annuity sales; fund sales were higher in Ireland

Sales By Segment (C$b)1,2

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FEE AND OTHER INCOME

Fee and Other Income (C$m)1,511 1,496

1,515

1,4411,406

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Canada U.S.2 Europe CRS Lifeco2

Q2 2020 410 654 340 2 1,406

Q1 2020 440 665 333 3 1,441

Q2 2019 440 684 385 2 1,511

YOY (7%) (4%) (12%) 0% (7%)

Constant Currency 1 (7%) (8%) (13%) 6% (9%)

1. Constant currency is a non-IFRS measure. Refer to the discussion of this measure in the Company’s Q2 2020 MD&A.2. U.S. and Lifeco Q2 2019 Fee and Other Income excludes ceding commission of $1,080 million related to the sale of the U.S. individual life insurance and annuity business.

Lifeco fees down 5% YoY, excluding Q2 2019 fees related to the sold U.S. Individual Markets (IM) business

• Reduced ASO fees in Group Customer due to lower claims; impact of lower markets on fee income in Canada (partially offset by positive net cash flow)

• Fees flat to prior year at Empower; lower at Putnam due to lower average AUM

• Europe down due to Scottish Friendly sale in U.K. and a new reinsurance treaty in Ireland

Fee and Other Income By Segment (C$m)

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EXPENSES Operating Expenses1,2 (C$m)

1,247 1,253

1,290

1,333

1,285

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

1. Lifeco totals include Lifeco corporate expenses. 2. Q2 2019 excludes C$120m of costs related to the sale of the U.S. individual life insurance and annuity business. 3. Constant currency is a non-IFRS measure. Refer to the discussion of this measure in the Company’s Q2 2020 MD&A.

• Reduced travel and training expenses as a result of COVID-19 across segments

•Strategic investments largely maintained in Canada

•Higher strategic spend in Ireland and UK

•Business growth and transaction expenses in Reinsurance

Strategic investments balanced by company-wide expense discipline

Canada U.S.2 Europe CRS Lifeco 1

Q2 2020 411 560 283 24 1,285

Q1 2020 453 570 283 23 1,333

Q2 2019 417 539 262 21 1,247

YOY (1%) 4% 8% 14% 3%

Constant Currency 3 (1%) 0% 6% 12% 1%

Operating Expenses By Segment (C$m)1,2

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FINANCIAL HIGHLIGHTS Garry MacNicholasEVP & CFOGreat-West Lifeco

U.S.

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EARNINGS Earnings per Share (C$m)

Canada U.S. Europe CRS Lifeco Lifeco

Q2 2020 315 83 179 137 706 863

Q1 2020 273 17 132 119 543 342

Q2 2019 292 101 155 84 627 459

YOY 8% (18%) 15% 63% 13% 88%

Constant Currency 3 8% (21%) 14% 60% 11% 86%

1. Base earnings and base earnings per share (EPS) are non-IFRS measures. Refer to the reconciliations to net earnings and earnings per share, respectively, in the Company’s Q2 2020 MD&A.2. Lifeco totals include Lifeco corporate earnings. 3. Constant currency is a non-IFRS measure. Refer to the discussion of this measure in the Company’s Q2 2020 MD&A.

(Base)1,2

Europe Capital & Risk SolutionsCanada

• Up 16%, excluding sold U.S. Individual Markets business

• Empower ahead on business growth and Putnam on seed capital gains

• Improved investment experience from prior year

• Good insurance results with morbidity and longevity experience offsetting higher life claims

• Significant business growth, particularly in longevity solutions

• Longevity experience offsetting higher life claims

(Net)2

• Solid underlying business results and continued strong investment gains

• A more favourable tax rate

0.670.73

0.90

0.59

0.76

0.49

0.79

0.55

0.37

0.93

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Base Earnings1 (C$m)Ba

se1

Net

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EARNINGS RECONCILIATION

For the three months ended (C$m)Q2 2020 Q1 2020

Post-Tax (m) Per Share Post-Tax (m) Per Share

Base earnings1 706 0.76 543 0.59

Items excluded from base earnings

Actuarial assumption changes and management actions 122 0.13 (52) (0.06)

Market-related impacts on liabilities 35* 0.04 (149) (0.16)

Items excluded from base earnings 1 157 0.17 (201) (0.22)

Net earnings – common shareholders 863 0.93 342 0.37

* Includes $42m of experience gains and ($7m) tax.1. Base earnings and base earnings per share (EPS) are non-IFRS measures. Refer to the reconciliations to net earnings and earnings per share, respectively, in the Company’s Q2 2020 MD&A.

• Base and net earnings reflect recovery in markets in Q2 2020

• Base earnings reflect improvements in seed capital and fee income and good underlying business growth

• Actuarial assumption changes include primarily market related changes and longevity updates

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SOURCE OF EARNINGS(C$m) Canada U.S. Europe CRS Corp.

Q2/20 Total

Q1/20 Total

Q2/19 Total

Expected profit on in-force business1 303 90 189 155 (5) 732 729 734

Impact of new business (12) (32) (29) 4 - (69) (86) (17)

Experience gains and losses2 69 5 33 (7) (2) 98 (195) 37

Management actions and changes in assumptions2 58 - 56 26 - 140 (81) (10)

Other - - - - - - - (202)

Earnings on surplus (incl. financing charges) 24 47 21 13 (3) 102 4 44

Net earnings before tax 442 110 270 191 (10) 1,003 371 586

Taxes2 (60) (17) (11) (4) 2 (90) 2 (92)

Net earnings before non-controlling interests & preferred dividends 382 93 259 187 (8) 913 373 494

Non-controlling interests & preferred dividends (29) (15) (6) - - (50) (31) (35)

Net earnings – common shareholders 353 78 253 187 (8) 863 342 459

Base earnings 315 83 179 137 (8) 706 543 627

1. Includes expected profit of $23m in Q2 2019 related to the U.S. Individual Market business sold in Q2 2019.2. Items excluded from base earnings in Q2 2020 include +$43m pre-tax in experience gains and losses, +140m pre-tax in management actions and changes in assumptions and -$26m in taxes.

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SOURCE OF EARNINGS – ADDITIONAL DETAIL

Experience gains and losses Management actions and changes in assumptions

For the three months ended June 30/20 (C$m)

Pre-Tax Post-Tax

Yield enhancement 104 75

Market related impact on liabilities 43 42

Fee variances (market related) 30 23

Mortality / longevity / morbidity 1 11

Fee (non-market) and expenses (54) (42)

Credit related (15) (14)

Other (11) (5)

Total experience gains / losses 98 90

For the three months ended June 30/20 (C$m)

Pre-Tax Post-Tax

Updated equity and real estate return assumptions in Canada 89 65

Canada morbidity (35) (26)

CRS and UK longevity assumptions 88 85

Other (2) (2)

Total management actions and changes in assumptions 140 122

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BOOK VALUE PER SHARE AND LICAT

Book Value per Share (C$)

20.84 21.0221.53

22.34 21.98

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

• Book value up 5% YoY, primarily due to retained earnings and currency translation

• Down 2% from Q1 2020, strong retained earnings more than offset by currency translation and pension remeasurement

LICAT

136%139%

135% 133% 132%

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

• LICAT at 132%, down 1 point from Q1 2020

• Earnings contribution a strong positive, offset by impacts of currency movements and business growth

• Lifeco cash $1.7b at Q2 2020 (not included in LICAT)

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TRANSACTION WITH MACKENZIE FINANCIAL TO STRENGTHEN CANADA LIFE’S WEALTH MANAGEMENT BUSINESS

Great-West Lifeco has reached an agreement to sell its Canadian subsidiary, GLC Asset Management Group (GLC), to Mackenzie Financial (Mackenzie).

Canada Life will retain control of its overall Canada wealth management strategy, including its product shelf and customer solutions, while accessing Mackenzie's at-scale investment management capability.

Canada Life is establishing its own fund management company, Canada Life Investment Management Limited (CLIML), which, subject to regulatory and other approvals, will assume fund management responsibilities for the QuadrusGroup of Funds and other Canada Life branded investment funds.

CLIML will enter into a long-term administration agreement with Mackenzie and Canada Life; Canada Life and CLIML will also enter into a long-term distribution agreement with Mackenzie to provide them with access to Mackenzie’s investment management services.

Lifeco will receive net cash consideration of $145 million on the transaction and expects to recognize a gain. The earnings impact to Lifeco is expected to be a decrease in the single-digit $ millions range in the year following the transaction.

The transaction is subject to regulatory approval and expected to close in the fourth quarter of 2020.

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PERSONAL CAPITAL ACQUISITION TO ACCELERATE EMPOWER’S GROWTH

Add best-in-class hybrid digital wealth management platform to Empower• High growth direct-to-consumer wealth management business focused on large mass affluent market

• Profitable core business model with attractive new customer Lifetime Value / Customer Acquisition Cost (LTV / CAC)

• Strategic focus and investment in driving strong asset growthAccelerate Empower’sStrategy by Creating an Integrated Retirement and Wealth Platform

Significantly accelerate the growth of Empower’s existing DC-focused retail wealth management platform by integrating Personal Capital’s technology and capabilities• Increase rollovers, roll-ins, and share of wallet

• Strong synergies mean Empower does not have to build direct-to-consumer offering

Enhance Empower’s successful Defined Contribution business with the addition of leading financial planning and financial wellness capabilities• Increase DC plan sales

• Drive usage of managed accounts

• Grow participants’ out-of-plan asset capture

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Looking ahead…a focus on protecting, adapting and growing our business

Supporting employees and customers

Leveraging digital platforms

Advancing strategic priorities

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QUESTIONS

22

APPENDIX

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CANADA(In C$m) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 YoY

Sales

Individual Insurance 98 102 128 118 98 0%

Individual Wealth 2,125 1,918 2,590 2,784 1,679 (21%)

Individual Total 2,223 2,020 2,718 2,902 1,777 (20%)

Group Insurance 109 237 102 119 75 (31%)

Group Wealth 608 1,263 789 611 538 (12%)Group Total 717 1,500 891 730 613 (15%)

Total 2,940 3,520 3,609 3,632 2,390 (19%)

Fee and Other Income

Individual Customer 248 252 258 246 233 (6%)

Group Customer 175 179 184 179 163 (7%)Corporate 17 16 15 15 14 (18%)

Total 440 447 457 440 410 (7%)

Operating Expenses

Individual Customer 193 186 206 202 188 (3%)

Group Customer 216 205 225 230 208 (4%)

Corporate 8 26 20 21 15 88%

Total 417 417 451 453 411 (1%)

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CANADA(In C$m) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 YoY

Individual Customer

Base Earnings 147 165 143 138 159 8%

Items excluded from Base Earnings (12) (80) (56) (126) 36

Net Earnings 135 85 87 12 195 44%

Group Customer

Base Earnings 161 181 144 143 195 21%

Items excluded from Base Earnings - 25 (30) 4 2

Net Earnings 161 206 114 147 197 22%

Corporate

Base Earnings (16) 9 (13) (8) (39)

Net Earnings (16) 9 (13) (8) (39)

Canada Totals

Base Earnings 292 355 274 273 315 8%

Items excluded from Base Earnings (12) (55) (86) (122) 38

Net Earnings 280 300 188 151 353 26%

Note: Base earnings (loss) are defined as net earnings excluding the impact of actuarial assumption changes and management actions, direct equity and interest rate market impacts on insurance and investment contract liabilities, net of hedging, and related deferred tax liabilities, and items that management believes are not indicative of the Company's underlying business results. These items would include restructuring costs, material legal settlements, material impairment charges related to goodwill and intangible assets, legislative tax changes and other tax impairments, and gains or losses related to the disposition of a business.

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UNITED STATES1

(In US$m) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 YoY

Sales

Empower Retirement 8,746 12,792 11,968 25,060 5,196 (41%)

Reinsured Insurance & Annuity Business 65 - - - -

Total 8,811 12,792 11,968 25,060 5,196 (41%)Putnam Sales 9,258 10,879 12,108 14,664 15,111 63%

Fee and Other Income

Empower Retirement 261 273 279 275 262 0%

Reinsured Insurance & Annuity Business 24 - - - -

Other 3 7 6 4 4 28%

Putnam 222 224 229 218 203 (9%)

Ceding Commission on sale of Ind. Insurance & Annuity Business 806 - - - -Total 1,316 504 514 497 469 (64%)

Operating Expenses

Empower Retirement 218 232 251 238 229 5%

Reinsured Insurance & Annuity Business 13 - - - -

Other2 8 17 -13 11 11 38%

Putnam 163 160 167 176 163 0%

U.S. Corporate - 8 1 - -Total 402 417 406 425 403 0%

1. Reinsured Insurance & Annuity Business reflects business transferred to Protective Life Insurance on June 1, 2019. Other now includes Individual Markets retained business. Comparative figures have been adjusted to reflect current presentation. 2. Other expenses include a US$28m credit resulting from a GWF pension buyout in Q4 2019

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UNITED STATES1

1. Reinsured Insurance & Annuity Business reflects business transferred to Protective Life Insurance on June 1, 2019. Other now includes Individual Markets retained business. Comparative figures have been adjusted to reflect current presentation.

2. Q2 2019 includes the loss on sale of the Insurance and Annuity Business. Note: Base earnings (loss) are defined as net earnings excluding the impact of actuarial assumption changes and management actions, direct equity and interest rate market impacts on insurance and investment contract liabilities, net of hedging, and related deferred tax liabilities, and items that management believes are not indicative of the Company's underlying business results. These items would include restructuring costs, material legal settlements, material impairment charges related to goodwill and intangible assets, legislative tax changes and other tax impairments, and gains or losses related to the disposition of a business.

(In US$m) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 YoYEmpower Retirement

Base Earnings 43 46 54 40 48 12%Items excluded from Base Earnings - (1) 23 (9) (4)Net Earnings 43 45 77 31 44 2%

Reinsured Insurance & Annuity BusinessBase Earnings 22 - - - -Items excluded from Base Earnings2 (148) - - - -Net Earnings (126) - - - -

OtherBase Earnings 3 4 3 2 5Items excluded from Base Earnings - - (4) - -Net Earnings 3 4 (1) 2 5

PutnamBase Earnings 5 9 13 (31) 9 80%Net Earnings 5 9 13 (31) 9 80%

CorporateBase Earnings 2 1 (2) 2 (1)Items excluded from Base Earnings - - (179) - -Net Earnings 2 1 (181) 2 (1)

U.S. TotalsBase Earnings 75 60 68 13 61 (19%)Items excluded from Base Earnings (148) (1) (160) (9) (4)Net Earnings (73) 59 (92) 4 57

(In C$m) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 YoY

Sales

U.K 1,748 1,238 1,027 1,102 1,059 (39%)

Ireland 5,313 5,784 5,393 8,480 6,001 13%

Germany 70 76 146 86 81 16%

Total 7,131 7,098 6,566 9,668 7,141 0%

Fee and Other Income

U.K 52 54 63 39 44 (15%)

Ireland 225 238 229 189 185 (18%)Germany 108 90 109 105 111 3%Corporate1 - - (24) - -

Total 385 382 377 333 340 (12%)

Operating Expenses

U.K 78 80 80 79 83 6%

Ireland 149 146 152 166 160 7%Germany 33 33 39 35 36 9%Corporate 2 3 5 3 4 100%

Total 262 262 276 283 283 8%0

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EUROPE

1. Europe fee income includes ($24m) in the corporate segment as a result of the Scottish Friendly transaction in Q4 2019.

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EUROPE

(In C$m) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 YoYU.K.

Base Earnings 69 105 233 72 88 28%Items excluded from Base Earnings 2 62 (27) 19 21Net Earnings 71 167 206 91 109 54%

IrelandBase Earnings 54 29 52 27 53 (2%)Items excluded from Base Earnings 21 54 36 (43) 48Net Earnings 75 83 88 (16) 101 35%

GermanyBase Earnings 34 31 34 36 41 21%Items excluded from Base Earnings 15 5 1 (17) 5Net Earnings 49 36 35 19 46 (6%)

CorporateBase Earnings (2) (4) (2) (3) (3)Items excluded from Base Earnings - - 8 - -Net Earnings (2) (4) 6 (3) (3)

Europe TotalsBase Earnings 155 161 317 132 179 15%Items excluded from Base Earnings 38 121 18 (41) 74Net Earnings 193 282 335 91 253 31%

Note: Base earnings (loss) are defined as net earnings excluding the impact of actuarial assumption changes and management actions, direct equity and interest rate market impacts on insurance and investment contract liabilities, net of hedging, and related deferred tax liabilities, and items that management believes are not indicative of the Company's underlying business results. These items would include restructuring costs, material legal settlements, material impairment charges related to goodwill and intangible assets, legislative tax changes and other tax impairments, and gains or losses related to the disposition of a business.

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Capital and Risk Solutions

(In C$m) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 YoYFee and Other Income

Reinsurance 2 2 2 3 2 0%

Operating ExpensesReinsurance 20 20 21 21 22 10%Corporate & Par 1 1 1 2 2Total 21 21 22 23 24 14%

ReinsuranceBase Earnings 84 85 162 120 138 64%Items excluded from Base Earnings 5 (10) (34) (26) 50Net Earnings 89 75 128 94 188 111%

CorporateBase Earnings - 1 (5) (1) (1)Items excluded from Base Earnings - (1) (6) - -Net Earnings - - (11) (1) (1)

Capital and Risk Solutions TotalsBase Earnings 84 86 157 119 137 63%Items excluded from Base Earnings 5 (11) (40) (26) 50Net Earnings 89 75 117 93 187 110%

Note: Reinsurance premiums can vary significantly from period to period depending on the terms of underlying treaties . Earnings are not directly correlated to premiums received.

30

PUTNAM – AUM AND FLOWS

83.3 84.7 89.5 73.6 83.2

91.4 89.5 92.2

75.3 85.3

7.0

8.1

( 6.0 )

( 5.7 )

8.6

7.6 174.7 174.2

181.7

148.9

168.5

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Sales Redemptions Market Q2 2020

In-Qtr Avg. AUM: 172.0 174.3 178.0 172.4 160.2

Mutual Funds Institutional

(US$b)

Core Net Earnings:

229 226 235

190 226

(208) (204) (218) (221)(200)

$15 $17 $21 ($24) $19

9.1% 9.5%7.2%

-16.1%

11.7%

Q2 2019

31

Note: Core net earnings (loss) (a non-IFRS financial measure) is a measure of the Asset Management business unit's performance. Core net earnings (loss) include the impact of dealer commissions and software amortization, and excludes the impact of corporate financing charges and allocations, certain tax adjustments and other non-recurring transactions. Please refer to Q2 2020 MD&A for reconciliation to net earnings (loss).

Q3 2019 Q4 2019 Q1 2020 Q2 2020

PUTNAM – CORE NET EARNINGS (US$m)

Expenses

Fee & Net Investment Income

Income Taxes

Core Margin (Pre-tax)

Gov't, Gov't Related and Agency Securitized Bonds

27%

Corporate and Non-Agency Securitized Bonds

42%

Conventional, Residential, Commercial

Mortgages and Equity Release

Mortgages12%

Insured Residential and Multi-family

Mortgages2%

Stocks6%

Investment Properties3%

Loans to Policyholders

5%

Cash and CD's3%

32

INVESTED ASSETS1

1. At June 30, 2020; Includes certain funds held by ceding insurers (carrying value of $6.2bln)

Diversified high quality portfolio:Bonds represent 69%:

• 99% are investment grade• 79% rated A or higher• 85% of bond holdings are domiciled in Canada, the U.S. and the U.K.

Mortgage portfolio represents 14%:

• Well diversified by geography and property type• Well seasoned, with minimal impairments; delinquencies > 90 days on

non-impaired mortgages are negligible

Stocks represent 6%, mostly Canadian publicly traded

Investment Properties represent 3%:

• 55% in Canada / U.S.; 45% in U.K. / Europe

• Properties are unlevered• U.K. / European properties benefit from long term lease contracts

Invested assets of $182.3 billion

33

LIFECO CONSOLIDATED BOND PORTFOLIO*

% of Invested Assets

Country of DomicileGov't, Gov't Related and Agency

Securitized BondsCorporate and Non-Agency

Securitized Bonds Total Bonds

Canada 11.8% 10.8% 22.6%

U.S. 2.9% 17.3% 20.2%

U.K. 8.3% 8.2% 16.5%

Germany 1.4% 1.0% 2.4%

Ireland 0.3% 0.2% 0.5%

24.7% 37.5% 62.2%

Europe (excluding U.K., Germany & Ireland)

1.1% 3.3% 4.4%

All Other 1.2% 1.6% 2.8%

Total 27.0% 42.4% 69.4%

*Includes certain funds held by ceding insurers

34

LIFECO CONSOLIDATED BOND PORTFOLIO – BY RATING*

• Bond portfolio quality remains high, with 99% rated investment grade and 79% rated A or higher.

*Includes certain funds held by ceding insurers

Rating Carrying Value (C$m) % of Total

AAA 22,120 17.5%

AA 36,841 29.1%

A 41,447 32.8%

BBB 25,330 20.0%

BB or Lower 812 0.6%

Total 126,550 100.0%

35

CORPORATE AND NON-AGENCY SECURITIZED BONDS – SECTOR DIVERSIFICATION*

Corporates % of Invested Assets Non-Agency Securitized % of Invested AssetsElectric Utilities 7.2% CMBS 1.5%

Consumer Products 5.3% RMBS 0.2%

Banks 3.5% Other ABS 3.4%

Industrial Products 3.5% Total Non-Agency Securitized 5.1%

Financial Services 3.1%

Transportation 2.8% Total Corporate and Non-Agency Securitized 42.4%Energy 2.7%

Real Estate 2.1%

Communications 1.8%

Other Utilities 1.5%

Gas Utilities 1.5%

Technology 1.2%

Auto & Auto Parts 1.1%

Total Corporates 37.3%

*Includes certain funds held by ceding insurers

36

UNITED KINGDOM PROPERTY RELATED EXPOSURES

(C$m) Carrying Value

City/Region Multi Family Retail Office Industrial Other Equity Release Total % of Lifeco IA

Central London 388 932 944 34 78 221 2,597 1.4%

Other United Kingdom 290 531 415 813 465 1,487 4,001 2.2%

Total United Kingdom 678 1,463 1,359 847 543 1,708 6,598 3.6%

% of Total 10.3% 22.2% 20.6% 12.8% 8.2% 25.9%

% of IA 0.4% 0.8% 0.7% 0.5% 0.3% 0.9%

Property Type

Mortgages

• Mortgage holdings in the United Kingdom totaled $6.6 billion (3.6% of invested assets). Conventional mortgages, which exclude equity release mortgages, are well diversified by property type, with a weighted average LTV of 50%, a weighted average DSCR of 2.7, and a weighted average lease term exceeding 11 years. Equity release mortgages have a weighted average LTV of 26%.

• Central London mortgage holdings totaled $2.6 billion (1.4% of invested assets), with office holdings totaling $0.9 billion (0.5% of invested assets). Central London conventional mortgage weighted average LTV is 42% and Central London office weighted average LTV is 47%.

37

UNITED KINGDOM PROPERTY RELATED EXPOSURES

Investment Properties

• Investment property holdings in the United Kingdom totaled $2.5 billion (1.4% of invested assets). Property holdings are well diversified by property type, with a weighted average lease term of 11 years.

• Central London property holdings are primarily office properties and totaled $0.4 billion (0.2% of invested assets).

(C$m) Carrying Value

City/Region Multi Family Retail Office Industrial Other Total % of Lifeco IA

Central London - 28 296 - 41 365 0.2%

Other United Kingdom - 755 325 749 285 2,114 1.2%

Total United Kingdom - 783 621 749 326 2,479 1.4%

% of Total - 31.6% 25.1% 30.2% 13.1%

% of IA - 0.4% 0.4% 0.4% 0.2%

Property Type

38

UNITED KINGDOM PROPERTY RELATED EXPOSURES

Retail Mortgages and Investment Properties

• Retail mortgage and investment property holdings in the United Kingdom totaled $2.2 billion (1.2% of invested assets). Retail mortgage weighted average LTV is 50%.

• Mortgage underwriting standards changed significantly after the financial crisis, with lower LTVs and a greater focus on asset diversification. Pre-2009 mortgage holdings totaled $0.4 billion, with Shopping Centres and Department Stores totaling $0.1 billion.

• High Street retailers, included under Shopping Centres and Department Stores, comprise 0.3% of invested assets

(C$m) Carrying Value

Invested Asset TypeWarehouse, Distribution, and

OtherShopping Centres and

Department Stores Grocery Total % of Lifeco IA Retail LTV

Pre-2009 Mortgages 138 99 122 359 0.2% 83%

Post-2008 Mortgages 643 380 81 1,104 0.6% 40%

Total Mortgages 781 479 203 1,463 0.8% 50%

Total Investment Properties 339 180 264 783 0.4%

Total 1,120 659 467 2,246 1.2%

% of Total 49.9% 29.3% 20.8%

% of IA 0.6% 0.4% 0.2%

Retail Property Category

39

CURRENCY (RELATIVE TO C$)

Income & Expenses Balance Sheet

US$ £ € US$ £ €

Q2 2020 1.39 1.72 1.53 1.36 1.68 1.52

Q1 2020 1.34 1.72 1.48 1.40 1.74 1.55

Q4 2019 1.32 1.70 1.46 1.30 1.72 1.46

Q3 2019 1.32 1.63 1.47 1.32 1.63 1.44

Q2 2019 1.34 1.72 1.50 1.31 1.66 1.49